Henry Siegel, whose name is identified with those huge so-called department stores, which are cities of commerce inclosed within four walls, was born March 17, 1852, at Enbighein, Germany. His father was the burgomaster of the village, and he himself was one of a family of eight children. Two of his brothers, on attaining manhood, came to this country and were fairly prosperous. The letters that they sent home acted as fuel to the ambitions of Henry, and so when seventeen years of age he sailed for America, and obtained a position in Washington, District of Columbia, in a dry goods house at a salary of three dollars per week. By dint of hard study at night schools he managed to get a fair English education and next became traveler for a clothing house. After some years of hard work, he and his brothers began business for themselves in Chicago and fortune followed their efforts. In 1887 he founded the well-known firm of Siegel, Cooper & Co., of Chicago, again prospered, and in 1896, together with his partners, opened a vast store on Sixth avenue, New York. In 1901 he sold out his interest in the New York enterprise, but immediately acquired the old-established firm of Simpson, Crawford & Co. He simultaneously disposed of his interest in the Chicago concern. A year later he bought a half-interest in the firm of Schlessinger & Mayer, of Chicago. Not content with these undertakings, early in 1903, he began to build a store at Thirty-fourth street and Broadway, New York, and also purchased an entire block in Boston on which he proposes to erect a building which shall dwarf those of which he is already the owner. And so the little German who began life as an errand boy is now one of the merchant princes of America.
Frank W. Woolworth.
Frank W. Woolworth was born at Rodman, New York, April 13, 1852. He passed his boyhood on his parents’ farm, was educated at a district school, and graduated from the Commercial college at Watertown, New York. His start in life was as a clerk in a dry goods store at Watertown. In 1878 he originated the popular five and ten-cent store, which, thanks to his energy and acumen, has attained such marvelous popularity. His employers, Moore & Smith, at his suggestion, bought $50 worth of the cheapest sort of goods and put them with other old shop-worn goods on the counter, displaying the sign “Any article on this counter five cents.” The stock was sold the first day, and Mr. Woolworth then decided to have a five and ten-cent store of his own. Borrowing $325, he opened a place in Utica, New York. The public patronized him and at the end of six weeks he had a net profit of $139.50. In 1869 he removed to Lancaster, Pennsylvania, where he opened a store, and next another at Harrisburg, Pennsylvania. Both of these ventures were successful and he now has stores in nearly every large city in the country, there being eight of such in New York alone. He was married, in 1876, to Jennie, daughter of Thomas Creighton, of Pictou, Ontario, Canada, and has three daughters. Mr. Woolworth’s career is a practical commentary on the value of the maxim that it is unwise to “despise the day of small things.”
FINANCIERS.
William Waldorf Astor.
William Waldorf Astor, the capitalist and author, born in New York city, March 31, 1848 is the son of the noted John Jacob and Charlotte Augusta (Gibbs) Astor. He was educated chiefly by private tutors, among whom was a professor of the University of Marburg. At the age of 23 he was taken into the offices of the Astor estate in order to master the details of each department. Recognizing the need of a thorough legal education, he studied for two years in the Columbia Law School, being admitted to the bar in May, 1875. His father being convinced of the son’s exceptional business ability, subsequently gave him absolute control over all of his property. In 1877 Mr. Astor was elected a member of the New York state legislature from the Eleventh Assembly District, defeating the Tammany Hall and the Independent Democratic candidates. In 1879 he was elected to the state senate and in 1881 was nominated for congress in the district formerly represented by Levi P. Morton, but was defeated by Roswell P. Flower. In August, 1882, President Chester A. Arthur appointed Mr. Astor Minister to Italy. While in Rome he spent much time in studying the early history of the country, and on returning home, in 1885, published his novel, Valentino, which embodies his researches in the mediæval history of Italy. His later novel, Sforza, also deals with Italy in the Middle Ages. Mr. Astor has built the New Netherlands hotel, on Fifth avenue and Fifty-ninth street, New York city, and Hotel Waldorf Astoria, the latter on the site of the old Astor residence. In September, 1890, Mr. Astor moved to London, England, where he has entered upon a notable career in journalism. He now owns the Pall Mall Gazette, and has founded the Pall Mall Magazine. He is and has been a stockholder and director in several American railroads. He has other interests outside of his vast real estate holdings. On June 6, 1878, he was married to Mary Dahlgren, daughter of James W. Paul, of Philadelphia, Pa. Mrs. Astor died in 1894.
Henry Clews.
When the long-sought-for opportunity to become a banker came to the ambitious young man, now the financier, Henry Clews, he did not let his chances pass him. He was born in Staffordshire, England, August 14, 1840, coming of a good old English family. His father, an able business man, intended Henry for the ministry of the Established Church of England. But at the age of fifteen the boy, visiting America with his father, became so interested in the country and its people that he gave up all idea of becoming a clergyman, and, with his parents’ consent, settled in the United States. His first position in this country was as a clerk with an importing firm, in which he rose to a position of responsibility. In 1859 he became a member of the firm of Stout, Clews & Mason, which subsequently became Livermore, Clews & Co. At the outbreak of the Civil War Secretary Chase invited him to become agent for selling government bonds. His unfaltering faith in their worth was shown by his subscribing to the National loan at the rate of five million or ten million dollars per day, even going into debt by borrowing on the bonds. This materially strengthened the public confidence in the government’s course of action. When Mr. Chase was congratulated upon his success in placing the war loans, he said: “I deserve no credit; had it not been for the exertion of Jay Cooke and Henry Clews I could never have succeeded.” Mr. Clews founded and organized the famous “Committee of Seventy” that successfully disposed of the “Tweed Ring.” After the Civil War, besides establishing a distinctive banking business, he became one of the largest negotiators of railroad loans in America or Europe. The present firm of Henry Clews & Co. was established in 1877, its members pledging themselves never to take any speculative risks. Mr. Clews has for many years been treasurer of the “Society for Prevention of Cruelty to Animals,” and is also connected with many city institutions and financial corporations. He married Lucy Madison, of Worthington, Kentucky, a grandniece of ex-President Madison. He is a frequent contributor to newspapers and magazines and the author of Twenty-eight Years in Wall Street.